---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-311048"
form_type: "8-K"
ticker: "SPHR"
cik: "0001795250"
company_name: "Sphere Entertainment Co."
filed_at: "2022-12-22T23:59:59+00:00"
generated_at: "2026-06-21T00:10:12.509188+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# MSG Entertainment Corp. enters $275M senior secured term loan for MSG Sphere content development

## Summary
- $275M senior secured term loan facility for MSG Las Vegas LLC, maturing Dec 22, 2027.
- Interest: Base rate + 3.375% or Adjusted Term SOFR + 4.375%.
- Covenants include 1.35x debt service coverage ratio test starting Q4 2023, and $100M minimum liquidity.
- Proceeds to fund content development for Las Vegas MSG Sphere, expected to open H2 2023.
- Loans secured by MSG LV assets, leasehold, and after spin-off, retained interest in live entertainment.

## SEC filing metadata
- accession: 0001193125-22-311048
- form_type: 8-K
- ticker: SPHR
- cik: 0001795250
- company_name: Sphere Entertainment Co.
- filed_at: 2022-12-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/0001193125-22-311048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/d389524d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-311048
- JSON: https://secwatch.observer/filing/0001193125-22-311048.json
- Plain text: https://secwatch.observer/filing/0001193125-22-311048.txt

## Key facts
- Debt Financings
  Sphere Entertainment Co. incurred term loan of $275 million with JP Morgan Chase Bank, N.A., as administrative agent at base rate plus a margin of 3.375% per annum or Adjusted Term SOFR plus a margin maturing December 22, 2027.
  - Instrument: term loan
  - Principal: $275 million
  - Counterparty: JP Morgan Chase Bank, N.A., as administrative agent
  - Rate: base rate plus a margin of 3.375% per annum or Adjusted Term SOFR plus a margin
  - Maturity: December 22, 2027
  - Event: incurrence
  source text: On December 22, 2022, MSG Las Vegas, LLC (“MSG LV”), an indirect, wholly-owned subsidiary of Madison Square Garden Entertainment Corp. (the “Company”), entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275 million senior secured term loan facility (the “Sphere Facility”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/0001193125-22-311048-index.htm
- Material Agreements
  Sphere Entertainment Co. entered into Credit Agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto valued at $275 million (effective 2022-12-22).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto
  - Value: $275 million
  - Effective: 2022-12-22
  source text: On December 22, 2022, MSG Las Vegas, LLC ("MSG LV"), an indirect, wholly-owned subsidiary of Madison Square Garden Entertainment Corp. (the "Company"), entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275 million senior secured term loan facility (the "Sphere Facility").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/0001193125-22-311048-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.